Understanding The Basics Of Metal Building Financing

Is the price tag of your new metal garage building keeping you from investing in it? Have you considered various steel building financing options? If not, we will briefly discuss types of financing, their benefits & drawbacks so you can decide which one will work better for you.

Metal structures come in various designs and types to meet your specific needs; thus, a lot of people show interest in buying. They are high in durability & strength and low in maintenance. So, let’s start with the basics of financing.

Why Finance A Metal Building?

The initial cost of a metal barn or garage is higher compared to a traditional building. But, it offers long-term savings. So, financing is a great way to reduce the burden of paying a full upfront cost while still having the mental structure of your dreams. Some benefits of financing a steel garage are:

• You can invest in a high-quality metal 2 car garage, steel barn, or other building.
• It helps you increase your purchasing power.
• It allows you to buy the garage immediately.
• It helps in breaking down huge upfront costs into manageable payments.
• It helps you maintain & work on a monthly budget.

Our two financing options are – rent to own vs. steel building financing. You can decide between the two based on the amount of the building and your personal financing needs.

Common Financing Options For Steel Structures

The traditional method of financing includes the following:

Home Equity Loans | Line Of Credit [HELOCs]: You can borrow up to 85% of your home’s equity. It offers lower interest rates than personal loans, but it comes with risks like foreclosure of a home, negative impact on credit score, and debt spiral.

Personal Loans: They give quick access to funds, come with flexible terms, and you can use them for various purposes. However, they may have higher interest rates and risk of losing collateral [if any]. You can take two types of personal loans:

• Unsecured Personal Loans – No collateral needed, based on creditworthiness.
• Secured Personal Loans – Requires collateral and lower interest rates.

Small Business Loans: If you plan for a steel commercial building, you can finance via SBA or traditional bank loans. These have stricter requirements but offer competitive rates for longer terms.

What Is Seller Financing For Steel Structures?

Seller financing is a direct form of loan that you get from metal building dealers instead of traditional methods like banks. Suppose you want to buy a metal 2 car carport, then it works as follows:

• You make an initial down payment [generally, it is between 10% to 30% of the total price].
• Then, you agree to make regular monthly payments till a specific period. This payment includes the principal amount + interest.
• The interest rate can vary depending on the lender, type of financing, and price of the metal carport you choose.
• You sign a legal document/ agreement of the loan.
• Once you pay off the total amount, you get full ownership of that metal carport.

At Carports Advisor, we also offer rent to own financing for metal carports for those with poor credit scores and no funds to invest in a new carport or a garage.

Benefits Of Seller Financing For Metal Structures

Our financing approval is based on your credit score. You can get to know whether you are eligible for it or not within 3 to 48 hours only. Below are some of its benefits:

1. Flexibility Payment Terms [24 – 72 Months]

You can negotiate terms that suit you the best and are tailored to your custom needs. You can decide on fixed or variable interest rates and schedule payments that align with your financial situation.

It makes loan payback and money management easy for buyers.

2. Available For 3, 6, 12 Months Term

You can choose the duration of the loan. The longer the duration, the less of a burden it will be on you to pay a high monthly amount. Some lenders may have more relaxed credit check requirements than others, so that you can discuss this with us as well.

3. Financing On Up To $50K Building Price

We team up with reliable vendors who provide loans for up to $50K price building or even more. For more details, you can contact us.

4. Pay Off Anytime

Some lenders offer to pay off anytime without penalties. So, if you have extra cash, you can pay in full and own your metal garage building.

5. Complete Transparency

Our entire financing process is fully transparent, with no hidden fees or charges. We ensure the whole process is fast and smooth for our customers.

For more details, you can visit our metal building financing page or call us at (336)-914-1654.

How To Qualify For Seller Financing?

Basic Needs: You can show that you are capable of making regular payments or show proof of your stable income. Employment verification with income level may also work.

Credit Score: Generally, a 640 credit score is required, but some lenders can be more lenient than others. A higher credit score may let you negotiate your terms better.

Documentation Needs: For applying for metal garage building financing, you will need documents like income proof, employment verification, credit report, identification [driver’s license, passport], personal information [contact details, social security no., and other related information].

But does a steel structure dealer need these documents? It helps assess your financial situation and know whether you are eligible for financing.

Steps To Apply For Seller Financing For Your Metal Structures

We offer 3 simple and easy steps for applying for metal garage financing or financing your commercial steel structure. These are:

Step 1: Apply For Steel Building Financing

Select your metal carport or garage from our website. You can order a prefab or customize it as per need. Next, you can send us some documents to decide if you are eligible for financing, such as:

• Credit score record
• Copy of driver’s license
• Income proof
• Proof of home ownership
• Invoice of building you want to get financed

Step 2: Get It Approved

We provide financing on buildings priced up to $50K [depending on your credit score]. The interest rate can vary depending on the lender.

Step 3: Receive The Funds

Once your loan is approved, you can pay a small upfront cost to book your prefab metal structure and start paying monthly EMIs.

Tips For Choosing The Right Steel Building Financing Options

Access your credit score and total budget for a metal carport or steel 2 car garage. Consider how much you would like to pay for it [including down payment & monthly installments]. Avoid crucial metal building mistakes to save your money, like not getting a permit, buying a small or too large structure, and not preparing the site properly.

• Don’t forget to compare interest rates & loan terms from different lenders.
• Consider the pros and cons of each before making a final deal.
• You can consult with a financial advisor if necessary.
• Check if there are any penalties for paying off the loan early.
• Lastly, read and verify the contract before signing off the deal.

Tip: Though metal carports or garages require little maintenance, plan for it in advance for a smooth journey. Include the cost of insurance [if any].

Explore Metal Building Financing Options Today!

End your financing worries with Carports Advisor. Now, you can buy any metal structure, be it an outdoor shed, carport, garage, barn, or commercial building, with easy payment methods. To get a free quote on your choice of steel structure or to know more about metal garage or barn building financing, contact us at (336)-914-1654.

Our final quote includes shipping and installation costs. Call today!

FAQs

1. Are There Any Credit Score Needs For Seller Financing?

Yes, however, the need for a credit score is flexible and varies with the lenders.

2. How To Apply For Metal Building Financing?

Simply apply for financing, get it approved, and receive the fund. You can talk to our team, which will guide you through the entire process.

3. Are There Any Hidden Fees With Metal Building Financing?

We aim to provide complete transparency to all our customers. You can call for a clear explanation of all costs upfront.

4. Can I Get Financing For Any Type Of A Metal Structure?

Yes, we provide financing for all types of structures that cost up to $50K, such as steel carports, metal garages, metal barns, or a commercial steel building.

5. How Long Are The Loan Terms?

We offer flexible financing terms of 24 to 72 months and are available for 3, 6, & 12 month terms. Contact our team for more details.

Disclaimer: This blog is for informative purposes only and should NOT be considered as a piece of legal or financial advice. If you have any questions, call us or consult a qualified professional or attorney for guidance.